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Open Finance: prospects and next steps of the FiDA proposal​

Open Finance: prospects and next steps of the FiDA proposal​

Day 1 Morning

Wednesday 17 September

Room :

ROOM 2

Speakers

Chair
Marilin Pikaro
Director, Innovation, Conduct & Consumers - European Banking Authority (EBA)
Public Authorities
Carlo Comporti
Commissioner - Commissione Nazionale per le Società e la Borsa (CONSOB)
Luís Laginha de Sousa
Chair - Portuguese Securities Market Commission (CMVM)
Nikhil Rathi
Chief Executive Officer - Financial Conduct Authority (FCA)
Industry Representatives
Gorka Briones
Partner, Strategy and Innovation - Deloitte Spain
Laurent Bertonnaud
Head of Public Affairs France – Retail – Digital - BNP Paribas
Sun Lee
General Secretary - CNP Assurances

Objectives

This session will assess the state of play and next steps of the Financial Data Access (FiDA) proposal and explore the broader prospects and conditions for a successful development of Open Finance in the EU and internationally.The first part of the discussion will focus on whether the Commission’s simplification proposals for FiDA and the ongoing trilogue negotiations are addressing the main concerns raised about the original FiDA framework. Speakers will also consider whether the current proposals provide a workable and proportionate foundation for implementation, and how they compare with approaches in other jurisdictions.The second part will explore the broader potential of Open Finance and the conditions required to make it a success for customers, data holders, and new market entrants. The discussion will reflect on promising use cases, operational prerequisites, and lessons learned from PSD2 and international experiences.

Points of discussion

  • Update on the FiDA proposal and remaining issues: Is the combination of the Commission’s simplification non-paper and the progress made in trilogue negotiations adequately addressing the key concerns raised regarding the original FiDA proposal?
  • Are the current proposals sufficient to make FiDA both workable and impactful, while ensuring proportionality, legal certainty, and customer relevance?
  • Opportunities and conditions of success of Open Finance: Will the revised FiDA proposal, as currently discussed, provide a sound and proportionate basis for developing Open Finance in the EU?
  • What additional conditions and enablers will need to be fulfilled to ensure that Open Finance generates value for end users, data holders, and FISPs?
  • What lessons can be drawn from PSD2 and experiences in other jurisdictions?